Seekingalph.com: Nov. 30, 2018 4:40 AM ET – Callum Turcan
Exxon Mobil Corporation hopes to stem oil & gas production losses by investing heavily in the Permian Basin.
Overview of the company’s current asset base, resource potential, and development scheme for the region.
The Delaware Basin is the key focus.
One of the biggest problems Exxon Mobil Corporation (NYSE:XOM) has been contending with over the past few years is declining oil & gas production. While the oil giant consistently brings new producing properties online, natural declines from mature fields have been outpacing those additions. In 2016, the same year Exxon Mobil Corporation started taking unconventional opportunities in the Permian Basin seriously, the firm produced a little under 4.1 million barrels of oil equivalent per day net. By the third quarter of 2018, that had fallen below 3.8 million BOE/d net. Management’s response has been to aggressively scale up Exxon Mobil’s Permian Basin development activities, which has proved somewhat effective. While the energy giant’s natural gas output slipped in Q3 2018 versus Q3 2017 levels, its liquids production was up marginally. Let’s go over how Exxon is using the Permian to its advantage. Read more…